Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,720/mo
Lowest payment- Down payment
- $184,912
- Funds due
- $196,526
- Interest + MI left
- $82,407
- First ends
- Nov 2036
Assumption
Assumption + second
$3,799/mo
+$1,079/mo- Down payment
- $37,912
- Funds due
- $51,775
- Interest + MI left
- $323,715
- First ends
- Nov 2036
New loan
New conventional
$2,743/mo
+$23/mo- Down payment
- $37,912
- Funds due
- $48,428
- Interest + MI left
- $503,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,988 | $184,988 | $331,988 |
| Second mortgage | — | $147,000 | — |
| First P&I | $2,103.66 | $2,103.66 | $2,298.62 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $238.22 | $238.22 | $66.40 |
| Taxes, insurance & HOA | $378.17 | $378.17 | $378.17 |
| Total housing payment | $2,720.05 | $3,798.68 | $2,743.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,912
Closing costs & prepaids$13,863
Usable credit−$0
Total buyer cash needed$51,775
Earnest money paid−$0
Remaining funds due$51,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$684.50
Prepaid interest, first (31 days)$1,005.52
Prepaid interest, second (31 days)$998.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 31 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing9 yr 11 moOf the original 30-year loan at 6.400%
Interest already paid$355,656Through Dec 2026
Assumption only · ends Nov 2036$82,407
Assumption + second · ends Nov 2036, second Jan 2057$323,715
New conventional · ends Jan 2057$503,416